Year End Close dialogs

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Use the Year End Close dialogs to specify how the application should update budgets for the new year, to choose closing options, and to specify the distribution of net income and balance sheet accounts.

The first Year End Close dialog opens automatically when you select (from the Change Posting Period dialog) a period end date that is in the next year.

If the Zero account balances checkbox is not marked in the first Year End Close dialog, the application opens a subsequent Year End Close dialog when you click OK.

Notes

  • The chart of accounts and the Trial Balance must be in balance before you can close to the next year.
  • Although you cannot select a default closing account, the application does save year-end close distributions each year.
  • If there was no activity for the client in the current year, the application automatically advances to the next year without opening the Year End Close dialog.

Fields & buttons

  • Use current year budget amounts as new year budget amounts. Click this option to use budget amounts that were entered in the Actions > Enter Trial Balance screen for the current year as the budget amounts for the next year.

    Note: Because this option overwrites all previous budget amounts with those from the current year, you cannot revert to the prior year and select the Do not update new year budget amounts option.

  • Zero all budget amounts for the new year. Click this option to reset the budget amounts for the next year to zero.
  • Do not update new year budget amounts. Click this option to leave the budget amounts as is when closing the year.
  • Carry forward tickmarks. Mark this checkbox to have the application copy all tickmarks associated with a general ledger account within the source period to the destination period. If you have worked in the destination period at any time, this checkbox is grayed out and unavailable.
  • Carry forward WP references. Mark this checkbox to have the application copy all workpapers references that were added to the Trial Balance WP reference column. You can use the View Maintenance dialog to add this column to the trial balance. Note that the first time you move the period, the application prompts you to choose whether or not to carry forward WP references. To maintain consistency in the client data, the same selection is applied automatically—and the option becomes unavailable (grayed)—when you move to a prior period and then back again.
  • Zero account balances. Mark this checkbox to reset the beginning balances for all balance sheet accounts (CA, CL, NPE, EQ, NCA, LTL) to zero for the next year.
  • Close accounts by individual segments. Mark this checkbox to close the year by account segment rather than by core account. This enables you to distribute net income amount by primary account segment during the year end close process.

    Note: This option is available only when account segments have been set up in the Setup > Account Segments screen for the client, a primary segment has been designated on the Account Mask tab of the Setup > Clients screen, and the primary segment is different from the core account segment. This option is not available for core accounts.

Use the net income distributions grid to distribute net income amounts to the proper equity accounts. If you selected to close accounts by individual segments, be sure to select the appropriate accounts for each primary segment code to distribute each portion of net income separately.

You must have at least one equity account classification code to close the Fiscal Year. You can add a new account on the fly by right-clicking the Account field, or you can edit an existing account in the Setup > Chart of Accounts screen.

Only equity accounts (those with a classification code of EQ assigned to it) are included in the drop-down list in the Account column.

If you enter an amount in the Percentage column, the application automatically enters the corresponding amount based on that percentage. If you enter an amount in the Amount column, the application automatically enters the corresponding percentage based on that amount.

The sum of the amounts in the Amount column must equal the full net income amount. As you enter amounts or percentages in the grid, the application updates the amounts in the Total, Net Income, and Difference fields.

You can click the Recalculate Amounts button at any time to recalculate the amounts in the net income distributions grid.

Use the balance sheet accounts distributions grid to close balance sheet accounts from one account to another. The drop-down list in the From Account and To Account columns include all Asset (CA, NPE, and NCA), Liability (CL and LTL), and Equity (EQ) accounts.

Related procedures

Changing the posting period for a client

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